Malygos Solo Guide

Malygo's loot table only shows him dropping Reins of the Azure Drake, but based on my experiences yesterday, he also drops Reins of the Blue Drake, a drop from The Occulus.
Strats for soloing after the break.

Entrance to The Eye of Eternity
The entrance is located in Borean Tundra, in the western region called Coldarra.

Take the instance portal on the third floor of the Nexus.

Once inside click on the orb to start the encounter.

Malygos
If you're doing this alone, make sure you set raid to 10 man, I wiped a few times on 25 at 38% before I figured out he's not supposed to have 16 million health.
Phase 1 100% HP - 50% HP
He'll melee for 10-20k, and he does an arcane breath which hits for around 20k. He also pulls you up once or twice during the encounter with Vortex and do some damage to you, you can only use instant ranged attacks on him when he does this. Power Sparks will fly towards him during the fight, he's buffed with power spark if it touches him, if you kill the sparks they drop to the floor and drops a pool that's 50% more damage done if you stand in it.
Phase 2
Nexus Lords and Scion of Eternity fly around the platform, kill a Nexus Lord and click on their disc to fly. Malygos will breathe on the ground but you don't really have to worry about it if you're in the air.
Phase 3
This phase you're on a dragon, you have a couple of different moves but you only really need the first 3 moves. When he places a Static Field on you move out of it.

What to do:
Phase 1, wait until you have at least one power spark under you, pop your cooldowns and burn him til he's under 50%, ranged will be able to get him lower as he flies away, he'll always have at least 1% left because the encounter doesn't end until phase 3 is complete.
Phase 2 Kill all the adds while flying around.
Phase 3 Start by pressing 3 to stack Revivify to 5 stacks before Malygos engages you. After that you want to press 1 which is Flame Spike 2-4 times to build combo points. You'll use those combo points by pressing 2 to Engulf in Flames. Note that you do not do more damage when you have more combo points, it just adds to the duration. The goal here is to build up stacks of Engulf in Flame fast, while refreshing your Revivify stack so it doesn't fall off. Note that it takes 50 energy to use Engulf in Flames and only 10 to use Flame Spike and Revivify, and each time you push 1 or 3 your combo points are reset, so try to always use up your combo points before you heal yourself. Ranged is going to have an easier time because he'll start off with less health.

TLDR:
Phase1: Pop CDs after you have 1 spark, keep hitting him as he flies away.
Phase2: Kill adds and use their disc to fly.
Phase 3: Start with 3,3,3,3,3 then use 1,1,2,3,1,1,2,3,1,1,2,3,1,1,2,3,1,1,2,3,1,1,2,3 Repeat til dead.